This Morning in Metals: Iron ore price surges to six-year high

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iron ore

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This morning in metals news: iron ore prices continue to rise; the United States International Trade Commission (USITC) voted to continue investigations related to imports of seamless standard, line and pressure pipe; and Rio Tinto’s Kennecott mine is the first to receive the Copper Mark award.

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Iron ore on the rise

On the back of recovering Chinese demand, the price of the steelmaking raw material iron ore has surged to a six-year high, Yahoo Finance reported.

Per the report, iron ore has gained 34% in the year to date. Furthermore, the iron ore price moved above $125 per ton for the first time since 2014.

USITC continues pipe investigations

The USITC recently voted to continue investigations into imports of seamless standard, line and pressure pipe.

“The United States International Trade Commission (USITC) today determined that there is a reasonable indication that a U.S. industry is materially injured by reason of imports of seamless standard, line, and pressure pipe from Czechia, Korea, Russia, and Ukraine that are allegedly sold in the United States at less than fair value and subsidized by the governments of Korea and Russia,” the USITC said in a prepared statement.

Rio Tinto mine wins Copper Mark distinction

Rio Tinto’s Kennecott mine is the first to win the Copper Mark award, created to honor responsible production.

Kennecott has demonstrated it meets “over 30 criteria for responsible environmental, social and governance practices,” Rio Tinto said.

“The Copper Mark is the first and only programme for responsible production in the copper industry,” the firm added. “Originally developed by the International Copper Association with input from a broad range of stakeholders including customers, NGOs and producers, the Copper Mark is now an independent entity with a multi-stakeholder council.”

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